Binary Broker Reviews and News & How to Get Money Back From Scams

IMPORTANT UPDATE AND WARNING:

We have recently received complaints and read many negative reviews on the internet about regulated binary options brokers using indecent practice towards traders. Although some binary brokers may be regulated, we do not recommend opening a trading account with ANY broker, be it a regulated broker or a non regulated broker, as THEY ALL seem to be unethical and non-trustworthy, even the regulated ones! If you have been scammed by such a company you can check out our RECOVER FUNDS FROM BINARY SCAMS section.

Also, instead of trading binaries which are mostly scams, you can trade with a trustworthy and popular FOREX broker such as FXORO.

Still no News From UK Gambling Comission on Binary Options Regulation Issue

On the 5th of August 2014 the Department for Culture Media and Sport wrote a letter to “Jenny Williams”, the Comissioner and Chief Executive of the Gambling Commission stating that “Government has been looking at the issue of the supervision of binary options” and that “The enactment of the Gambling (Licensing and Advertising) Act 2014 means that some operators offering binary options from overseas jurisdictions will require operating licences from the Gambling Commission when the Act comes into force later this year.”

The UK Gambling Comission (http://www.gamblingcommission.gov.uk/) then posted an article on their website in the “gambling sectors” and “betting” category, explaining to the public what exactly binary options are and stating that the UKGC only regulate binary options if the broker has “remote gambling equipment located in Great Britain”. They also wrote in a letter on march of 2015 that “Separately, the government is providing draft secondary legislation provisions which will provide that certain binary options are regulated and supervised by the FCA, rather than the Gambling Commission, and invites comments in relation to the proposed legislative amendments to the RAO.”

Binary options scam warning

Posted on 13 April 2015
[http://www.gamblingcommission.gov.uk/Press/News-archive/2015/Binary-options-scam-warning.aspx]

Consumers are being warned to beware of scams masquerading as binary options trading.

Anyone considering taking part in binary options betting is being advised to take the following advice:

Check you are dealing with a licensed operator: Binary options operators based in Great Britain currently need to be licensed by the Gambling Commission and to display this on their websites. Operators in reputable jurisdictions will have their own domestic regulators, most of whom will have similar online registers.

If you have any doubts about whether an operator is licensed, do not use them: An unlicensed operator is likely to be acting illegally. They will not abide by any code of conduct and have no incentive to deal fairly with you. Unlicensed operators are likely to use false names, addresses and contact numbers – they can disappear with your money and without a trace, making recovery impossible.

Remember that if you lose money the Commission cannot recover it for you or compensate you.

If you think you have lost money after using an illegal, unlicensed operator, it is recommended that you contact Action Fraud, either through their website or on 0300 123 2040.

The Gambling Commission (the Commission) regulates gambling in the public interest alongside its co-regulators local licensing authorities. It does so by keeping crime out of gambling, by ensuring that gambling is conducted fairly and openly, and by protecting children and vulnerable people from being harmed or exploited by gambling. Subject to these overriding public protection objectives, as regulator of the National Lottery the Commission monitors and challenges Camelot to raise the maximum amount for good causes. The Commission also provides independent advice to government on gambling in Britain.

The Commission and local licensing authorities are responsible for licensing and regulating all gambling in Great Britain other than spread betting, which is the responsibility of the Financial Conduct Authority (FCA).

See the Terms & Conditions section of our website for information on legal advice.